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Fed Lifts Interest Rates to 4%
The Federal Reserve raised its target for the federal funds rate by 25 basis points to 4% from 3.75%, where it had been since the Fed's last interest-rate meeting on Sept. 20.
The move marked the 12th consecutive quarter-point increase since the Fed began gradually raising rates in June 2004.
The Fed blamed elevated energy prices and hurricane-related disruptions in economic activity for temporarily depressing output and employment but said monetary policy accommodation, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity that will likely be augmented by planned rebuilding in the hurricane-affected areas.
The Committee warned that the cumulative rise in energy and other costs have the potential to add to inflation pressures; but noted that core inflation has been relatively low in recent months and longer-term inflation expectations remain contained.
Tuesday, November 01, 2005
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